US Air to cut jobs to save $45 million

CarolynPritchard

SAN FRANCISCO (CBS.MW) - US Airways Group will cut hundreds of management and nonunion jobs and impose wage and benefit cuts in a bid to save more than $45 million a year, according to reports published late Monday.

The bankrupt carrier's moves will affect all 3,700 management and nonunion workers, Reuters reported, citing a special bulletin to US Airways employees.

The company's 10 most senior officers will receive a 10 percent pay cut and a 25 percent cut to retirement benefits, according to the Associated Press.

Vice presidents and managing directors will take a 7.5 percent pay cut, the AP said, while other management employees face a 5 percent pay cut.

The retirement plan is being cut for all management workers, AP reported.

Shares of US Airways
UAIRQ
ended Monday's session higher by 31 cents, at $1.45, on the OTC Bulletin Board.

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